PNC PNC Financial Services Group Inc

By Sabela Ojea

PNC Financial Services Group Inc. on Friday posted higher profit and revenue for the third quarter, marked by net interest income growth that offset a decline in non-interest income.

The Pittsburgh-based bank said net income attributable to common shareholders rose to $1.56 billion, or $3.78 a share, compared with $1.42 billion, or $3.30 a share, a year earlier.

Stripping out deal-related costs such as those related to the BBVA USA acquisition, adjusted earnings were $3.78 a share. Analysts surveyed by FactSet were looking for adjusted earnings of $3.71 a share.

Revenue rose to $5.55 billion from $5.20 billion for the prior-year period, beating market views. Analysts surveyed by FactSet had been forecasting revenue of $5.42 billion.

Net interest income rose 7% to $3.5 billion, driven by higher yields on interest-earning assets and loan growth, partially offset by higher funding costs.

Noninterest income fell 11% to $2.07 billion on the back of the acquisition of BBVA USA and higher merger and acquisition advisory fees.

The quarter included a provision for credit losses of $241 million, up from $36 million in the second quarter.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 14, 2022 07:29 ET (11:29 GMT)

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